Lotte Chemical is reportedly considering the sale of its Malaysian subsidiary Lotte Chemical Titan (LC Titan).According to industry sources on Mar. 6, Lotte Chemical is searching for potential buyers for LC Titan, including Korean and foreign petrochemical companies and large private equity funds (P
Hyundai E&C, along with U.S.-based Holtec International, signed a business agreement for jointly participating in the U.K. Atomic Energy Authority (UKAEA)’s SMR technology competition with U.K.-based Balfour Beatty and Mott MacDonald at the Korean Embassy in London of the United Kingdom on March 5.T
The Korea Fair Trade Commission (KFTC) conducted an on-site investigation into AliExpress, the shopping platform of the Chinese Alibaba Group, which is suspected of violating consumer protection obligations.According to industry sources on March 6, the KFTC recently sent investigators to the Seoul o
KEB Hana Bank announced that its German subsidiary, “KEB Hana Bank Germany,” has obtained an international credit rating of “Aa3” from Moody’s, one of the world’s top three credit rating agencies.KEB Hana Bank (D) AG, a wholly-owned subsidiary of KEB Hana Bank, has been operating in Frankfurt, Germa
NPCore, a cybersecurity company specializing in network and endpoint security, recently conducted a cybersecurity workshop in Kuala Lumpur, Malaysia, in collaboration with its local partner, TechLab. The event, held on February 29th, was particularly timely, given the recent spate of cyber threats i
On the 27th, the Contech startup Meissa announced that it had visited Abu Dhabi, UAE, as a member of One Team Korea from the Ministry of Land, Infrastructure, and Transport.The Ministry of Land, Infrastructure, and Transport's bid support team, led by Minister Park Sang-woo, visited Abu Dhabi to mat
Samsung Electronics has refuted its labor union’s claim that many of its workers suffer from mental health problems such as sleep disorders and depression.In its online newsroom on March 4, Samsung Electronics claimed that the labor union’s claims regarding a report on a survey on the status of labo
The Korean government will launch the Top 10 Promising Markets Trade Mission, which will lead strategic market exploration to help the country achieve US$700 billion, the largest ever, in exports this year,.The Ministry of Trade, Industry and Energy (MOTIE) announced on Mar. 5 that it will send the
It has been confirmed that recent complaints from domestic consumers using China’s Alibaba shopping platform AliExpress have sharply increased.According to the response data on “the status of consumer consultations related to AliExpress-related complaints and damage compensation” received by the off
The domestic defense industry has gained new momentum through the revision of the Export-Import Bank of Korea (Korea Eximbank) Act. It is expected to accelerate towards achieving the goal of US$20 billion in defense exports this year.On Feb. 29, a bill to amend the Korea Eximbank Act, which increase
Last year, South Korea’s gross national income (GNI) per capita reached US$33,000, marking a rebound for the first time in a year. The annual real gross domestic product (GDP) growth rate was recorded at 1.4 percent.According to the “2023 Preliminary 4th Quarter and Annual National Income” report re
Miky Lee, vice chairwoman of CJ Group, has been recognized as a visionary influencing Hollywood in the United States.According to CJ ENM on March 5, Vice Chairwoman Lee was featured in the special edition “2024 Hollywood Issue” of the prestigious American entertainment magazine Vanity Fair.Since 199
SeAH Holdings announced on March 5 that it was selected as one of the Most Ethical Companies in the World for 2024 by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This marks the first time a South Korean company has achieved this recognition. Sin
Hugel, Inc. announced on March 4 that it has obtained product approval from the U.S. Food and Drug Administration (FDA) for its botulinum toxin product Letybo in 50-unit and 100-unit dosages on Feb. 29, local time. This FDA approval marks Hugel as the first and only company in South Korea, and the t
Since the beginning of this year, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has achieved over 50 percent of its 2024 annual order target within just two months.HD KSOE announced on March 4 that it had signed construction contracts for two medium-sized liquefied petroleum gas (LPG) carri
Hanwha Ocean announced on March 4 that it signed a memorandum of agreement (MOA) to build 12 liquefied natural gas (LNG) carriers with a Middle Eastern shipping company.Hanwha Ocean did not disclose the client but it is believed to be Qatar Energy, the state-run energy company of Qatar.Qatar Energy
Kumho Tire inked a technology export agreement with Saudi Arabia’s Black Arrow Tire Company (Blatco) on Feb. 28.Through this agreement, Kumho Tire will provide Blatco with technology for production of passenger car tires sold in the Middle East, including Saudi Arabia, for 20 years.Blatco, a manufac
The Korean government has set a higher plant order intake target for this year than 2023 and will provide intensive support to help Korean plant builders attain the goal. This is because the global plant market is expected to grow and Korean companies’ order-taking competitiveness has been strengthe
Hanwha Ocean submitted a complaint to the National Police Agency’s National Investigation Division on March 4 to investigate alleged systematic leakage of military secrets related to the Next Generation Korean Destroyer (KDDX) Project by HD Hyundai Heavy Industries (HHI).“It is an objective fact tha
The battery industry is set to unveil a bunch of new technologies at Interbattery 2024, Korea’s largest secondary battery industry show.LG Energy Solution will take the wraps off its cell to pack (CTP) product at InterBattery 2024 which will run from Feb. 6 to 8 at COEX in Seoul.Cell-to-pack technol